After a marvelous 30% upsurge last week, AVAX replaced Dogecoin (DOGE) as the ninth largest cryptocurrency asset. Its upsurge is driven by a combination of long-term and short-term catalysts as AVAX outperforms almost all large-cap altcoins.
Avalanche (AVAX) price rally expands
The price of Avalanche (AVAX), the core native asset of the eponymous blockchain network, set a new local high at $44 on major spot exchanges today, Dec. 16, 2023. Last time AVAX was so expensive on May 8, 2022, before the ecosystem of Terra/Luna collapsed. As such, today marks an 83-week high for the AVAX price.
Last week, AVAX became the fastest-growing altcoin in the top 20 of the largest assets; in the top 30 of CoinMarketCap it was only surpassed by Internet Computer (ICP).
In the last 24 hours, $4.88 million of AVAX positions, mostly shorts, were liquidated. The largest single liquidation was registered on OKX in an AVAX-USDT short and exceeded $128,000 in equivalent.
In the last two months, the total value locked (TVL) in Avalanche-based decentralized finance (DeFi) protocols almost doubled: It soared from $487 million to $949 million. Benqi, Trader Joe, Aave and GMX are the largest and fastest-growing DeFis in the ecosystem.
As covered by U.Today previously, two weeks ago, on Dec. 1, Avalanche (AVAX) C-chain also registered an all-time high in transactional activity.
Community indicates most trending sectors for Avalanche (AVAX)
Analysts are attributing this upsurge to a spark of interest in the real-world asset tokenization segment. Avalanche (AVAX) is promoted as one of the leaders on this sphere.
Besides RWAs, Avalanche (AVAX) enthusiasts indicated some other focuses of its ecosystem. Pseudonymous cryptocurrency analyst and educationist @crypthoem, author of Seven C Newsletter on crypto, sees GameFi, RWAs and meme coins as the most promising spheres of Avalanche's (AVAX) dApps scene.
Avalanche (AVAX) meme coin Akita Inu (AKITA) is among the best-performing Avalanche altcoins with 17% overnight growth.
Yuri Molchan
Gamza Khanzadaev
